Oil prices slip as traders await details of Iran-US preliminary deal

Oil prices extended their decline on Tuesday as markets weighed the prospect of renewed flows through the Strait of Hormuz against the absence of clear details on a preliminary agreement to end the war with Iran. By 09:35 Moscow time, July West Texas Intermediate futures were down 0.33% at $80.48 a barrel. August Brent crude fell 0.53% to $82.73 a barrel, after settling on Monday at the lowest level since March 4, 2026 following a 5% drop. US President Donald Trump has said he signed a declaration of intent to end the war with Iran, but full terms of the arrangement have not been disclosed. The Strait of Hormuz, closed during the conflict, had been the transit point for roughly 20% of global oil and LNG supply before fighting broke out. Analysts have offered differing timelines for a resumption of tanker traffic. Morgan Stanley told clients that the restart of flows could take several weeks, with analysts estimating that 50% of production could return by September and 80% by December, a slightly faster pace than previously projected.